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Continuing Education
Coming Soon
CE Accounting Auditing Standards
The course delivers CPE‑level instruction on ASC 606 revenue recognition, ASC 842 lease accounting, CECL, recent ASU updates, and SAS auditing changes, emphasizing implementation challenges and practical application.
Who Should Take This
Licensed CPAs who regularly prepare financial statements and conduct audits will benefit from the deep dive into the latest accounting and auditing standards. They seek to master implementation of ASC 606, ASC 842, and CECL, stay current with ASU revisions, and apply SAS updates to improve compliance and client advisory services.
What's Included in AccelaStudy® AI
Adaptive Knowledge Graph
Practice Questions
Lesson Modules
Console Simulator Labs
Exam Tips & Strategy
20 Activity Formats
Course Outline
60 learning goals
1
Revenue Recognition (ASC 606)
2 topics
Five-step revenue model
- Recognize the five-step revenue recognition model under ASC 606 including contract identification, performance obligation identification, transaction price determination, allocation, and recognition.
- Comprehend the criteria for identifying distinct performance obligations and determining whether goods or services are distinct within the context of a contract.
- Analyze a complex revenue arrangement to identify performance obligations, determine the transaction price, and establish the appropriate revenue recognition pattern.
- Synthesize a revenue recognition policy for an entity with multiple revenue streams addressing contract modifications, variable consideration, and principal-agent determinations.
Special revenue recognition topics
- Comprehend the treatment of variable consideration under ASC 606 including the constraint on variable consideration and the estimation methods of expected value and most likely amount.
- Analyze licensing arrangements to determine whether revenue should be recognized at a point in time or over time under the ASC 606 licensing guidance.
- Recognize the disclosure requirements under ASC 606 including disaggregation of revenue, contract balances, and remaining performance obligation disclosures.
- Synthesize a revenue recognition assessment framework for auditing complex arrangements including contract combination, modification accounting, and over-time recognition criteria.
2
Lease Accounting (ASC 842)
2 topics
Lease classification and measurement
- Recognize the criteria for classifying leases as finance or operating leases under ASC 842 and the right-of-use asset and lease liability recognition requirements.
- Comprehend the initial measurement of right-of-use assets and lease liabilities including the present value calculation, discount rate selection, and lease payment components.
- Analyze a lease agreement to determine proper classification, calculate the initial ROU asset and lease liability, and establish the amortization and interest expense pattern.
- Synthesize a lease accounting implementation plan addressing data collection, lease inventory, system requirements, and transition adjustments for ASC 842 adoption.
Lease modifications and special topics
- Comprehend the accounting for lease modifications under ASC 842 including remeasurement triggers, modification types, and the treatment of partial terminations.
- Analyze a lease modification scenario to determine whether it represents a separate contract or a modification of the existing lease and calculate the remeasured amounts.
- Recognize the short-term lease exemption, variable lease payment treatment, and sublease accounting requirements under ASC 842.
3
Current Expected Credit Losses (CECL)
1 topic
CECL model implementation
- Recognize the CECL model under ASC 326 including the scope of financial instruments subject to CECL, the lifetime expected loss concept, and the transition provisions.
- Comprehend the allowable estimation methods under CECL including discounted cash flow, loss rate, probability of default, and vintage analysis approaches.
- Analyze a loan portfolio to estimate the CECL allowance using reasonable and supportable forecasts, historical loss information, and qualitative adjustments.
- Synthesize a CECL implementation plan addressing data requirements, model selection, forecast methodology, governance framework, and disclosure requirements.
- Analyze the audit implications of CECL estimates including evaluating management's estimation methodology, assessing forecast reasonableness, and testing qualitative adjustments.
4
Recent ASU Updates and Emerging Standards
1 topic
Recent accounting standards updates
- Recognize the key provisions of recent ASUs addressing income tax disclosures, segment reporting improvements, and crypto asset accounting.
- Comprehend the enhanced income tax disclosure requirements under ASU 2023-09 including rate reconciliation categories and disaggregated income tax paid disclosures.
- Analyze the impact of recently issued ASUs on an entity's financial statements, disclosures, and systems readiness.
- Recognize the ASU on crypto asset accounting including the fair value measurement requirement, impairment model elimination, and presentation and disclosure provisions.
- Synthesize an implementation readiness assessment for recently issued ASUs addressing system modifications, process changes, and disclosure preparation.
5
Auditing Standards Updates (SAS)
2 topics
Recent SAS and audit methodology
- Recognize the key provisions of recently issued Statements on Auditing Standards including SAS 145 on risk assessment and SAS 146 on quality management.
- Comprehend the enhanced risk assessment requirements under SAS 145 including spectrum of inherent risk, separate fraud risk assessment, and IT risk identification.
- Analyze an audit engagement to apply the enhanced risk assessment framework under SAS 145 including inherent risk factor assessment and significant risk identification.
- Synthesize an audit plan that integrates the enhanced risk assessment requirements with substantive and control testing strategies for a complex entity.
Auditor reporting
- Comprehend the auditor's report format under SAS 134 including the opinion section placement, Key Audit Matters for EGC audits, and going concern reporting.
- Analyze an audit scenario to determine the appropriate audit report modification including qualified, adverse, and disclaimer of opinion situations.
- Recognize the requirements for reporting on supplementary information, other information in annual reports, and communication with those charged with governance.
- Synthesize an audit report quality review checklist addressing opinion consistency, going concern evaluation, emphasis-of-matter paragraphs, and KAM identification.
6
PCAOB Standards and Inspections
1 topic
PCAOB standards and enforcement
- Recognize the PCAOB's role in setting auditing standards for public company audits and the key differences between PCAOB standards and AICPA standards.
- Comprehend recent PCAOB standard-setting activities including AS 1000 on general responsibilities, AS 2301 on audit responses, and technology-related standards.
- Analyze PCAOB inspection findings to identify common audit deficiencies and recommend improvements to audit methodology and quality control.
- Comprehend the PCAOB enforcement process including investigations, settled and litigated disciplinary proceedings, and sanctions for audit firms and individuals.
- Synthesize a remediation plan addressing PCAOB inspection findings including root cause analysis, methodology enhancements, and training program improvements.
7
Quality Management Standards (SQMS)
2 topics
System of quality management
- Recognize the requirements of SQMS No. 1 on a firm's system of quality management including the eight components and the risk-based approach to quality.
- Comprehend the governance and leadership, ethical requirements, and acceptance and continuance components of the quality management system under SQMS No. 1.
- Analyze a firm's quality management system to identify quality risks, evaluate the design of responses, and assess the monitoring and remediation process.
- Synthesize a quality management system implementation plan for an accounting firm addressing risk assessment, resource requirements, monitoring activities, and annual evaluation.
Engagement quality reviews
- Comprehend the requirements of SQMS No. 2 for engagement quality reviews including the criteria for selecting engagements and the responsibilities of the engagement quality reviewer.
- Analyze an engagement quality review to determine whether the reviewer has appropriately evaluated significant judgments and the overall conclusion on the engagement.
8
Peer Review
1 topic
Peer review process and standards
- Recognize the types of peer reviews including system reviews and engagement reviews and the criteria for determining which type applies to a firm.
- Comprehend the peer review process including engagement selection, reviewer qualifications, findings classification, and the firm's response to review findings.
- Analyze peer review findings to determine the significance of deficiencies and develop remediation actions that address root causes in the firm's quality system.
- Synthesize a peer review preparation plan addressing engagement selection readiness, documentation standards, and quality management system evaluation.
9
Specialized Accounting Topics
2 topics
Fair value and financial instruments
- Recognize the fair value hierarchy under ASC 820 including Level 1, 2, and 3 inputs and the valuation techniques permitted for each level.
- Comprehend the accounting for financial instruments under ASC 320 and ASC 321 including classification, measurement, and impairment of debt and equity securities.
- Analyze a fair value measurement to evaluate the appropriateness of the valuation technique, input selection, and classification within the fair value hierarchy.
- Synthesize a fair value measurement policy addressing valuation technique selection, input documentation, and disclosure preparation for complex financial instruments.
Business combinations and goodwill
- Comprehend the acquisition method under ASC 805 including recognition and measurement of identifiable assets, assumed liabilities, and goodwill.
- Recognize the goodwill impairment testing requirements under ASC 350 including the qualitative assessment option and the quantitative goodwill impairment test.
- Analyze a business combination to determine the acquisition date fair values of identifiable intangible assets and calculate resulting goodwill.
- Synthesize a purchase price allocation methodology for a business combination addressing intangible asset identification, valuation approaches, and goodwill measurement.
10
Sustainability and ESG Reporting
1 topic
ESG reporting standards
- Recognize the major ESG reporting frameworks including SEC climate disclosure rules, ISSB standards (IFRS S1/S2), and the EU Corporate Sustainability Reporting Directive.
- Comprehend the SEC climate-related disclosure requirements including greenhouse gas emissions reporting, climate risk governance, and financial statement effects.
- Analyze an entity's sustainability reporting readiness including data collection capabilities, internal controls over ESG data, and assurance considerations.
- Synthesize an ESG reporting implementation plan addressing framework selection, data governance, internal controls, assurance readiness, and stakeholder communication.
Scope
Included Topics
- Revenue recognition under ASC 606 including the five-step model, variable consideration, licensing, and disclosure requirements.
- Lease accounting under ASC 842 including classification, measurement, modifications, and special topics.
- Current expected credit losses under ASC 326 including estimation methods, forecasting, and implementation.
- Recent accounting standards updates including income tax disclosures, segment reporting, and crypto asset accounting.
- Auditing standards updates including SAS 145 risk assessment, SAS 134 reporting, and SAS 146 quality management.
- PCAOB standards and inspections including standard-setting activities, common inspection findings, and enforcement.
- Quality management standards including SQMS No. 1 system of quality management and SQMS No. 2 engagement quality reviews.
- Peer review process and standards including system reviews, engagement reviews, and remediation.
- Fair value measurement, financial instruments, business combinations, and goodwill accounting.
- ESG and sustainability reporting including SEC climate disclosures, ISSB standards, and assurance.
Not Covered
- Detailed IFRS standards beyond their comparison with US GAAP for understanding convergence.
- Tax accounting and compliance beyond its intersection with ASC 740 income tax accounting.
- Governmental and nonprofit accounting standards beyond their intersection with general GAAP principles.
- Detailed forensic accounting and fraud examination techniques.
- Internal audit standards and methodology beyond their intersection with external audit quality management.
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